This has the potential to be a win-win for the entire economy: Gagan Banga, Indiabulls Housing Finance Ltd
The announcements are a welcome relief for everyone involved in housing and it’s related sectors. The reduction in GST means that lesser financial burden will now be passed on across essential cogs that keep the housing sector moving. Effectively, this means that not only do all the supply side players receive a boost, buyers too receive better deals going forward. Furthermore, as the definition of affordable housing is widened, more builders can mobilise projects across the country, and aspiring home buyers now have a wider and better range of options to choose from.
This has the potential to be a win-win for the entire economy
This move reduces the disparity with ready-possession homes: Tushad Dubash, Duville Estates
GST has been one of the key factors in the homebuyer’s decision-making process. The announcement with regards to the GST rate cut on under construction properties to 5% is commendable as it will give a much-needed boost to the real estate sector. As this move reduces the disparity with ready-possession homes, we hope we will witness many first-time homebuyers and NRIs looking to invest in under construction homes. It is now imperative that the GST rates on most of the components of construction are also rationalized. We welcome this move and hope to see it being a revival to the sector.